‘There is a psychological connection between your emotions and your spending habits. As human beings, our emotions drive most everything we do and the choices we make with our money are deeply affected’ by our immediate feelings, ‘needs and desires – often putting our long-term goals at risk. The first step in changing the way you interact with money is recognizing that there are emotions and behaviors in your life that need to change’.
‘Tips for harnessing the power of emotion and intent to create a healthy, financially stable life’:
- Monitor your spending behavior: Ask yourself if this purchase is reactive or intentional; will the decision bring you closer to your future goals?
- ‘Think about money as a motivation, not a restriction’ where saving becomes something you “want to do” rather than something you “have to do.”
- Add meaning to your investments. Knowing that you are saving for a family trip or home renovation that is important to you can be financially motivating.
‘Thinking about your finances as a powerful and emotional driving force that will create a better life for yourself and the things that are important to you’ can make things more clear ‘when it comes to making day-to-day financial choices’.
Furthermore, psychologist Dr. Tracy Thomas observes that people thought of emotional sensitivity as a vulnerability. As it turns out, it is a gift of ‘creativity, intelligence, and intuition’. As Jacob Law rightly adds, “The budget is not just a collection of numbers, but an expression of our values and aspirations.”
Link to original article: https://bigthink.com/personal-growth/psychology-saving-money-tracy-thomas?rebelltitem=1#rebelltitem1